«Совкомфлот» выходит на IPO

Sovcomflot to List on Moscow Exchange

  • Sovcomflot has announced an initial public offering via an additional issue on the Moscow Exchange.

    The company is currently 100% owned, and it is planned that the Russian Federation will remain its majority shareholder, with 75% plus 1 share.

    Sovcomflot expects to raise at least $500 mn via the IPO. The company intends to invest the proceeds into new projects and leveraging debt.

    According to Anton Siluanov, RF Minister of finance, the deal is to be closed in October. The Ministry valued the balance cost of the 146 vessels owned and chartered by Sovcomflot at $6.2 bn.

    In H1 2020, Sovcomflot posted a revenue of $951.3 mn, up 19.8% year-on-year, and a net profit of $226.4 mn, up 148.8%. 

    VTB Capital, Citigroup Global Markets, Sberbank CIB, JP Morgan and BofA Securities are acting as joint global coordinators and joint bookrunners for the offering

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